Sony 2000 Annual Report Download - page 78

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76
SONY CORPORATION ANNUAL REPORT 2000
In December 1998, Sony Corporation contributed
certain marketable equity securities, not including those
of its subsidiaries and affiliated companies, to an em-
ployee retirement benefit trust, with no cash proceeds
thereon. The fair value of these securities at the time of
contribution was ¥81,413 million. Upon contribution of
these available-for-sale securities, the net unrealized
gain was realized and was disclosed as “gain on securi-
ties contribution to employee retirement benefit trust”
on the consolidated statement of income. Since the
unrealized gain, net of tax, had already been recorded
as accumulated other comprehensive income, the
contribution itself did not impact the amount of
comprehensive income.
Marketable securities and securities investments and
other as of March 31, 1999 and 2000 include short-term
investments in money market funds and long-term
advances to third parties of ¥101,618 million and
¥136,854 million ($1,291 million), respectively.
In the ordinary course of business, Sony maintains
long-term investment securities, included in securities
investments and other, issued by a number of nonpublic
companies. The aggregate carrying amounts of the in-
vestments in nonpublic companies were ¥41,203 million
and ¥38,826 million ($366 million) at March 31, 1999
and 2000, respectively. The corresponding fair values at
those dates were not computed as such estimation was
not readily determinable.
The net change in unrealized gain or loss on trad-
ing securities that has been included in earnings
during the years ended March 31, 1998, 1999 and 2000
was insignificant.
11 . Short-term borrowings and long-term debt
Short-term borrowings comprise the following:
Yen in millions Dollars in millions
March 31 March 31 ,
1999 2000 2000
Loans, principally from banks, with weighted-average
interest rates of 2.34% and 3.72% per annum
at March 31, 1999 and 2000, respectively . . . . . . . . . . . . . . . . . . ¥40,877 ¥54,566 $51 5
Commercial paper of a consolidated subsidiary in India
with interest of 10.5% per annum . . . . . . . . . . . . . . . . . . . . . . . — 1,860 17
¥40,877 ¥56,426 $532